CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

We  consent  to the  references  to our firm  under  the  captions  "Financial
Highlights"  in the  Class  A, B,  and C Shares  Prospectus  and  "Independent
Auditors" in the Class A, B, and C Shares Statement of Additional  Information
and to the  incorporation  by reference  of our report dated May 12, 2003,  in
Post Effective  Amendment Number 58 to the Registration  Statement (Form N-1A,
No. 2-57181) of Federated Municipal Securities Fund, Inc.


                                                ERNST & YOUNG LLP

Boston, Massachusetts
May 22, 2003